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Managing Small Business

Managing Small Business. Chapter 16. Management. What do manager do? Plan – Developing management strategy, business plans, organizational goals, etc. Organize – Identifying organizational structure, planning jobs, compensation, etc.

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Managing Small Business

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  1. Managing Small Business Chapter 16

  2. Management • What do manager do? • Plan – Developing management strategy, business plans, organizational goals, etc. • Organize – Identifying organizational structure, planning jobs, compensation, etc. • Lead – Motivate employees and help them achieve organizational objectives. • Control - Set up monitoring and feedback mechanisms for running an organization.

  3. Leadership • Leader – Someone who can influence others and who has managerial authority • Leadership – What leaders do; the process of influencing a group to achieve goals • Ideally, all managers should be leaders • Although groups may have informal leaders who emerge, those are not the leaders we’re studying Leadership research has tried to answer: What is an effective leader?

  4. Leadership Attributes • Vision – having a mental picture of where the company is going. • Communication – constant, clear communication • Integrity – inner strength to demonstrate honest behavior in all situations • Trust – bond between leaders and followers • Commitment – loyalty to one’s company. Passion cannot be faked

  5. Leadership Attributes • Creative Ability – good leadership involves creating something that didn’t exist before. • Toughness – difficult decisions must be made for the health of the business. • Ability to take action – must realize that without action, all of these attributes are worthless.

  6. Suggestions for Building Trust • Practice openness. • Be fair. • Speak your feelings. • Tell the truth. • Show consistency. • Fulfill your promises. • Maintain confidences. • Demonstrate competence

  7. Empowering Employees • Empowerment • Involves increasing the decision-making discretion of workers such that teams can make key operating decisions in develop budgets, scheduling workloads, controlling inventories, and solving quality problems. • Why empower employees? • Quicker responses problems and faster decisions. • Addresses the problem of increased spans of control in relieving managers to work on other problems.

  8. Gender Differences in Leadership • Research Findings • Males and females use different styles: • Women tend to adopt a more democratic or participative style unless in a male-dominated job. • Women tend to use transformational leadership. • Men tend to use transactional leadership

  9. Where Females Do Better

  10. Negotiation Skills • Negotiation – How to negotiate well (The Power of Nice • Stay rationally focused on the issue being negotiated • Exhaustive preparation is more important than aggressive argument. • Think through your alternatives. The more options you believe you have, the better your position.

  11. Negotiation Skills • Negotiation – How to negotiate well (The Power of Nice • Spend less time talking and more time listening and asking good questions. • Let other side make the first offer. If you’re underestimating yourself, you might make a needlessly weak move. • Always seem put-off at your rival’s offer. Play up the importance of factors you don’t care about so that they seem like a bigger deal.

  12. Delegation Skills • Delegation allows the manager freedom from making every decision that has to be made, giving him or her time to concentrate on more important matters. • Delegation empowers employees. • Delegation makes employees the owner of their decisions.

  13. Motivating Employees • Motivation is the reason an individual takes an action in satisfying some need. • Maslow’s Hierarchy of Needs • Herzberg’s motivation-hygiene theory

  14. Motivating Employees • Motivation • Is the result of an interaction between the person and a situation; it is not a personal trait. • Is the process by which a person’s efforts are energized, directed, and sustained towards attaining a goal. • Energy: a measure of intensity or drive. • Direction: toward organizational goals • Persistence: exerting effort to achieve goals. • Motivation works best when individual needs are compatible with organizational goals.

  15. Motivating Employees

  16. Motivating Employees • Maslow’s Hierarchy of Needs Theory • Needs were categorized as five levels of lower- to higher-order needs. • Individuals must satisfy lower-order needs before they can satisfy higher order needs. • Satisfied needs will no longer motivate. • Motivating a person depends on knowing at what level that person is on the hierarchy. • Hierarchy of needs • Lower-order (external): physiological, safety • Higher-order (internal): social, esteem, self-actualization

  17. Motivating Employees • Herzberg’s Motivation-Hygiene Theory • Job satisfaction and job dissatisfaction are created by different factors. • Hygiene factors: extrinsic (environmental) factors that create job dissatisfaction. • Motivators: intrinsic (psychological) factors that create job satisfaction. • Attempted to explain why job satisfaction does not result in increased performance. • The opposite of satisfaction is not dissatisfaction, but rather no satisfaction.

  18. Motivating Employees

  19. Motivating Employees

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